There Is a Newer Version
of
the New Mexico Statutes
2011 New Mexico Statutes
Chapter 55: Uniform Commercial Code
Article 7: Documents of Title, 55-7-101 through 55-7-807
Section 55-7-404: No liability for good-faith delivery pursuant to document of title.
Universal Citation:
NM Stat § 55-7-404 (1996 through 1st Sess 50th Legis)
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This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
55-7-404. No liability for good-faith delivery pursuant to document of title.
A bailee that in good faith has received goods and delivered or otherwise disposed of the goods according to the terms of a document of title or pursuant to Chapter 55, Article 7 NMSA 1978 is not liable for the goods even if:
(1) the person from which the bailee received the goods did not have authority to procure the document or to dispose of the goods; or
(2) the person to which the bailee delivered the goods did not have authority to receive the goods.
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